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    1508   CNE100002342

CHINA REINSURANCE (GROUP) CORPORATION

(1508)
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Delayed Hong Kong Stock Exchange  -  05/27 04:08:54 am EDT
0.6700 HKD    0.00%
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China Reinsurance : RESIGNATION OF EXECUTIVE DIRECTOR AND NOMINATION OF SHAREHOLDER REPRESENTATIVE SUPERVISOR CANDIDATE

02/25/2021 | 05:02am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

China Reinsurance (Group) Corporation ʕ਷Ύڭᎈ€ණྠٰ΅Ϟࠢʮ̡

(A joint stock limited liability company incorporated in the People's Republic of China)

(Stock Code: 1508)

RESIGNATION OF EXECUTIVE DIRECTOR

AND

NOMINATION OF SHAREHOLDER REPRESENTATIVE

SUPERVISOR CANDIDATE

RESIGNATION OF EXECUTIVE DIRECTOR

The board of directors (the "Board") of China Reinsurance (Group) Corporation (the "Company") announces that Mr. Ren Xiaobing has tendered his resignation as the executive director of the Company, a member of the Strategy and Investment Committee and a member of the Risk Management Committee under the Board due to adjustment of work arrangement. The resignation will come into effect from 25 February 2021 when the letter of resignation from Mr. Ren Xiaobing has been served on the Board. In addition, Mr. Ren Xiaobing ceased to serve as the vice president, compliance controller, chief risk officer of the Company and other positions from 25 February 2021.

Mr. Ren Xiaobing confirms that he has no disagreement with the Board, and there are no other matters that should be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Ren Xiaobing for his contribution to the Company during his term of office.

NOMINATION OF SHAREHOLDER REPRESENTATIVE SUPERVISOR CANDIDATE

The board of supervisors of the Company (the "Board of Supervisors") has considered and approved the "Resolution on the Nomination of Ms. Xiong Lianhua as a Supervisor Candidate for the Fourth Session of the Board of Supervisors of the Company" at the meeting held on 25 February 2021, pursuant to which, the Board of Supervisors is pleased to announce that Ms. Xiong Lianhua has been nominated as a shareholder representative supervisor candidate for the fourth session of the Board of Supervisors due to work requirement. Her term of office will commence from the date of approval by China Banking and Insurance Regulatory Commission of her qualification as a supervisor and the performance of the procedural requirements set out by the articles of association of the Company and end on the expiry of the term of the fourth session of the Board of Supervisors until the expiration of the term of the fourth session of the Board of Supervisors, subject to re-election upon expiration of her term of office. The appointment of Ms. Xiong Lianhua is subject to the approval by the shareholders' general meeting of the Company.

Biographical details of Ms. Xiong Lianhua are as follows:

Ms. Xiong Lianhua, born in August 1967. Ms. Xiong worked at Huangshi Sub-branch of Bank of Communications in Hubei Province. She held various positions in the People's Bank of China, including deputy division director, division director and inspector of deputy-bureau-level. She successively served as a proposed director and a division director of the General Management Department of Central Huijin Investment Ltd. Ms. Xiong served as a director of China Export & Credit Insurance Corporation from December 2012 to July 2019; a non-executive director of New China Life Insurance Company Ltd. (a company listed on the Shanghai Stock Exchange (the "SSE"), stock code: 601336; and a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), stock code: 1336) from July 2017 to August 2020; a director of New China Asset Management Co., Ltd. from January 2018 to August 2020; and a non-executive director of China International Capital Corporation Limited (a company listed on the SSE, stock code: 601995; a company listed on the Main Board of the Hong Kong Stock Exchange, stock code: 3908) from February 2020 to January 2021. Ms. Xiong obtained a bachelor's degree in international finance from Wuhan University and a master's degree in monetary banking from Renmin University of China.

Save as disclosed above, Ms. Xiong Lianhua confirms that (1) she has not held any directorships in other listed companies in the past three years, and she does not hold any other major appointments or professional qualifications; (2) she does not hold any position in the Company or any of its subsidiaries; (3) she does not have any relationships with any directors, supervisors, senior management, substantial shareholders or controlling shareholders of the Company; and (4) as of the date of this announcement, she does not hold any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance of Hong Kong.

Ms. Xiong Lianhua will enter into a supervisor's service contract with the Company. During her term of office, Ms. Xiong Lianhua will receive remuneration as a supervisor according to relevant regulations and such remuneration will be submitted to the shareholders' general meeting for approval after the end of each year.

Ms. Xiong Lianhua also confirms that there is no other information to be disclosed pursuant to the requirements under Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, nor is there any other matter relating to her appointment that needs to be brought to the attention of the shareholders of the Company.

A circular which includes, among other things, the information in relation to the above nomination and a notice of the general meeting will be dispatched to the shareholders as soon as practicable.

By order of the Board

China Reinsurance (Group) Corporation

Zhu Xiaoyun

Joint Company Secretary

Beijing, the PRC, 25 February 2021

As at the date of this announcement, the executive directors of the Company are Mr. Yuan Linjiang and Mr. He Chunlei, the non-executive directors of the Company are Ms. Lu Xiuli, Mr. Wen Ning, Ms. Wang Xiaoya and Mr. Liu Xiaopeng, and the independent non-executive directors of the Company are Mr. Hao Yansu, Mr. Li Sanxi, Ms. Mok Kam Sheung and Ms. Jiang Bo.

Disclaimer

China Reinsurance (Group) Corporation published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 10:01:07 UTC.


© Publicnow 2021
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Sales 2022 175 B 26 140 M 26 140 M
Net income 2022 6 874 M 1 026 M 1 026 M
Net cash 2022 25 581 M 3 818 M 3 818 M
P/E ratio 2022 3,62x
Yield 2022 8,38%
Capitalization 24 292 M 3 626 M 3 626 M
EV / Sales 2022 -0,01x
EV / Sales 2023 -0,01x
Nbr of Employees 55 407
Free-Float 14,9%
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Mean consensus HOLD
Number of Analysts 7
Last Close Price 0,57 CNY
Average target price 0,74 CNY
Spread / Average Target 28,6%
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